Against the background that the consumption structure and production relations have not been completely transformed, coupled with the extremely high entry threshold, the blockchain industry is destined to be an industry belonging to a small number of people for the time being. The characteristics of almost no regulation and its own financial attributes indicate that the fluctuations in this industry will be more extreme than other industries. After the #FTX thunderstorm, users in the circle undoubtedly or inevitably realized the importance of decentralization, but users outside the circle will be more wary of this industry with extremely low costs of doing evil in the short term, and the arrival of the "bull market" It will rely more on the entry of new capital and the wealth creation effect, and the already very few industry entrances will become even more valuable.